VANCOUVER, BC / ACCESSWIRE / December 1, 2022 / Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that drill contractor Harris Exploration has joined USHA's technical team onsite, preparing the drilling rig and related equipment for the start of the Jackpot Lake Lithium Brine Project drill program. Construction of access roads and primary drill pads are also underway.
Highlights:
Figure 1 - 3D model of Usha's Jackpot Lake interpreted lithium brine target. The interpreted geophysical target with borehole locations overlain on the local topography produced using Maptek Vulcan. The surrounding formations of the Muddy Mountains are theorized to be the source of lithium present in the area. The shell shown in yellow comprises geophysical results indicating resistivities of <5ohm metres
USHA's drill program will mark the first drill testing of this property. USHA will be highlighting individual target areas and keeping investors informed as key milestones are reached throughout the campaign, expected to last 8 -10 weeks.
"Site preparation is well underway, and we're taking swift but measured steps with respect to seeing this drill program succeed. Lithium is the metal of the future and represents an essential transitioning resource, especially in North America, where demand growth is strong, but supply constraints are notable," said Deepak Varshney, CEO of Usha Resources. "It's clear that a few juniors need to step up and be successful in order to keep pace with projected lithium needs. USHA's team has an exceptionally strong grasp of the Jackpot Lake project, and we are committed to following proper protocol to make this maiden drill program a success."
Figure 2 - View of road mud system truck to be used for Usha's drill program at the Jackpot Lake Lithium Brine Project with on-going pad construction site preparation in the background.
Jackpot Lake Lithium Brine Property
The Jackpot Lake Lithium Brine Property is located within Clark County, 35 kilometres northeast of Las Vegas, Nevada, and is comprised of 140 mineral claims that total 2,800 acres (approximately 11.3 km2).
USHA's geologic setting is similar to that of Albemarle's Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America, which has operated continuously since 1966, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events. With its goal of sourcing a new domestic supply of lithium, USHA's six-hole, 2,700-metre program will focus on prospective targets that geophysical surveying suggests are highly concentrated brines located relatively near the surface.
The project target comprises the entirety of the Company's claim block and is an approximately 11.3 km2 anomaly, open in all directions for expansion, that has been identified based on the following work that suggests the presence of a highly concentrated brine with the potential to contain lithium:
Figure 3 - Topographic map of the Jackpot Lake Lithium Brine Project with MT survey results overlain. Resistivities of <2.7 ohm‑metres are interpreted to be potentially higher concentration brines and between 2.7 and 5.0 ohm-metres to be potentially moderate concentration brines.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Seth Cude, P.G., CPG. RM, M.Sc., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada; Nicobat, a nickel‑copper‑cobalt project in Ontario; and Lost Basin, a gold-copper project in Arizona. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA RESOURCES LTD.
"Deepak Varshney" CEO and Director
For more information, please call Tyler Muir, Investor Relations, at 1-888-772-2452, email [email protected], or visit www.usharesources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
SOURCE: Usha Resources Ltd.